StockWatch (Mar 23-27, 2009): PSEi

PSEi (Chart: Daily Resistance: 1920 Support: 1780)

The index last week is one surprising roller coaster ride. The index gapped down on opening of market last Monday and continued to move lower and then on sudden turn of events, the index closed higher last Friday. The rally last Friday was accompanied by large volume so there is a possibility for the effect to continue by next week. Watchout for the 65 day MA (red line). The index has had 3 encounters with the 65 day MA and all have been unsuccessful at moving past that line. It will definitely be a positive sign of strength if the index is able to move far above that line